Mohamed Alabbar has confirmed that his e-commerce platform noon is to relocate its permanent base to Riyadh after going live later this year.
In a statement released, Alabbar – who is also chairman of Emaar, said: “Following the launch of noon, our permanent operational base will be in Riyadh, and we are currently scaling up our resourcing and operations there. This allows us an excellent opportunity to bring into the organisation some of best new young Saudi talent working in this field.”
Noon is being launched with $1bn of financial backing — half coming from Saudi Arabia’s Public Investment Fund, with the remaining 50 percent owned by Alabbar himself and a group of GCC investors. It is expected to launch with several million products available to customers.
Alabbar also revealed in the statement that the management team is being strengthened ahead of the launch, saying: “We are excited by what our team has been able to achieve in a short time. In the past few months, we have onboarded additional expertise to enhance our management team and help execute on our plans.”.. see more